A neighborhood-scaled mixed-use village center shifts the land use square footage from vacant retail to housing, retail and office. Missing middle housing is an urgent need in Woodland at price points necessary to spur redevelopment. Today, the mall area contains approximately 500,000 square feet of Retail and 10,000 square feet of Office. Tomorrow, we can fit approximately 600 attached and detached homes including livework units. The retail and office space is projected to be 177,000 square feet, plus two of the anchor boxes totaling about 50,000 square feet, and shifting the new retail and office to front on East Gibson Road and East Street.
The city’s General Plan enables our proposed mix of uses through its Corridor Mixed-Use designation, and states: “The General Plan envisions Woodland’s key corridors as lively and welcoming multi-functional streets that are destinations in and of themselves and prime opportunities for mixed use infill development and streetscape improvements. Overall, the intent is to promote corridor revitalization, but at lower intensities than in the Downtown core. Each of the corridors will tie together areas of disparate character into visually cohesive, bicycle-and-pedestrian friendly “Complete Streets” with a stronger sense of place. Where appropriate, opportunities for adaptive reuse will be encouraged, particularly on East Street.”
The proposed design concept includes the incorporation of the Walmart and JC Pennys buildings, which both total roughly 50,000 square ft. In addition to the two current buildings, we estimate another 160,000 sq. ft. of Retail uses to be included throughout the proposed redevelopment.
We based the Development costs on current rates for Retail, Office and Residential construction per square ft. While these figures represent a snapshot of the current market rates, the development horizon is projected to be 2025, or some time thereafter. As such, we anticipate an incremental year-by-year increase in construction costs in parallel with the federal funds rate set by the Federal Reserve for yearly inflation rates.
There are a few holes in the Proforma, highlighted in yellow, which have been intentionally excluded from this financial proforma. The thinking is that these costs are subjective to the project and tougher to estimate (Site Work Cost) and to the financial resources (Construction loan/points) of the developer.
We based the Development revenue on current rental rates for Retail, Office and residential. While these figures represent a snapshot of the current market rates, the development horizon is projected to be 2025, or some time thereafter. As such, we anticipate an incremental year-by-year increase in rental rates in parallel with the federal funds rate set by the Federal Reserve.
* Preliminary base valuations are calculated using minimum expected building costs for each use
** Affordable housing units are expected to include LIHTC targeting households as low as 50% to 60% of median household income levels.
